Curious about the drop in $TAO price, I wanted to see if it was in any way related to subnet activity. Was surprised to see substantial dispersion of activity across the 126 active pools.
They seem to be operating largely independently.
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Greg Schvey
2.1K posts
Greg Schvey
@GSchvey
| Tech, markets, history, MMA | COO at @Yumagroup; opinions my own | Founded + sold fintech businesses to @DCGCo + @LSEplc | Life is too short for lazy workouts
Katılım Mayıs 2022
1K Takip Edilen1.4K Takipçiler
$TAO starting to decouple from $BTC.
In 2H25, TAO traded like a 2x beta BTC proxy. In 1Q26, rolling upside capture stayed strong while downside capture declined.
Independent economic activity in subnets drives asymmetry.
Early trend. Curious to see how it evolves.
Greg Schvey@GSchvey
Bittensor SN3 (@tplr_ai) was the clear leader in pool growth last week. Given the concurrent climb in $TAO, it appears new capital entered the ecosystem and found its way to the project that trained a 72B-parameter model in a permissionless, decentralized environment.
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Bittensor SN3 (@tplr_ai) was the clear leader in pool growth last week.
Given the concurrent climb in $TAO, it appears new capital entered the ecosystem and found its way to the project that trained a 72B-parameter model in a permissionless, decentralized environment.
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Greg Schvey retweetledi
$TAO is up 82% in the last 30 days. Bittensor subnets are up 105% over the same period on a market-cap weighted basis.
Year to date, the Yuma Composite Fund - which provides exposure to more than 100 subnets - is up 55% on a USD basis, versus 28% for $TAO alone.
More info: hubs.ly/Q046VFm80
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The @chutes_ai subnet is a great example of a productive economic cycle on Bittensor. Quick analysis ( $TAO + alpha payments)
~167K alpha burned via ~12K burn events
4,600 unique addresses
Visible randomization to combat MEV
Rough est. of alpha price impact: +7-14%
Jon Durbin@jon_durbin
In case you missed it, all payments in tao (we also accept any other subnet alpha token via stake transfer) are autostaked and burned, and we even randomize amounts and times and add the anti-mev bot encryption stuff.
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@dougsillars @YumaGroup @taostats What does that have to do with creating a reliable benchmark for the subnet market?
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@GSchvey @YumaGroup @taostats Whether you **like it** or not, this is how the the chain gets the sum of subnets in the `run_coinbase`. It is used to determine if root emissions will happen or not.
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Bittensor Total Subnet Price (TSP) again spiked when a single subnet (91) exited startup mode with a pool holding <1 $Tao
TSP being distorted for >24 hours is not representative of the subnet market
That's why @YumaGroup made YCX; reliable benchmarking, designed for Bittensor
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@dougsillars @YumaGroup @taostats No. As explicitly noted in the original post, the issue is from when SN91 exited startup mode.
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@GSchvey @YumaGroup You were counting subnets in startup mode? 😅 SN91 had a price of 2 only when it had no emission.
@taostats only adds active subnets to the sum of subnet price. (startup_mode = false)
for example, on 3/8, SN 91 price 2.5, SoS 1.3
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@dougsillars @YumaGroup Horrific chart crime. Recent days look smooth on your graph because the y-axis is skewed from an even worse event last week. You just added further evidence that a more reliable index is warranted.
A SN with 3 $TAO shouldn't move an industry benchmark by 2-8% for days.
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@GSchvey @YumaGroup I've always heard this called Sum of Subnets (SoS). Why are we inventing new names for the same value?
And yeah, that SN76 things two weeks ago was weird... but when you stick to daily totals, the (very temporary) jumps in SoS smooth out nicely.
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Greg Schvey retweetledi
Our very own @Swamination joined the @TAO_dot_com podcast The Carrot and The Stick with @Carrot_____1 to unpack Yuma's role in Bittensor $TAO and the evolution of the subnet ecosystem
Check it out 👇
TAO.com@TAO_dot_com
Episode 10 of the Carrot and the Stick is live from TAO.com! Watch Garrett @Carrot_____1 and special guest Paul Swaim @Swamination from @YumaGroup discuss the state of Bittensor 🔊
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. @Estimize does this (crowdsourced forecasting) for earnings estimates. They’re reportedly more accurate than traditional Wall St sources >70% of the time and license their data feeds to traders.
@zeussubnet applying the same playbook with a subnet backend makes total sense.
Zeus | SN 18@zeussubnet
Big news! Zeus is launching its first pilot with a European energy trading firm. Starting April 1st, our forecasts will be converted into renewable generation estimates, with divergences from IFS used to trigger directional power trades, and performance measured across day-ahead, week-ahead, and weekend-ahead markets. Launching this pilot is a huge step in building Zeus’ presence across energy trading desks.
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More info on the YCX index and latest data here: yumaai.com/asset-manageme…
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Greg Schvey retweetledi
Instead of relying on AWS, GCP, or Azure to move massive datasets, Beam (SN105) will leverage Bittensor $TAO to tap unused bandwidth from homes, offices, and datacenters worldwide.
Lower cost, no single point of failure, and more sustainable infrastructure for AI.
Beam - Subnet 105@b1m_ai
The BEAM subnet identity is live today on Bittensor SN105. BEAM is the bandwidth coordination layer for the open internet, enabling verifiable data transfer for cloud infrastructure, distributed systems, and the next generation of AI agents. Powered by Beam's own Proof-of-Bandwidth protocol and Bittensor. Stay tuned for more...
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@Shiretowndown @YumaGroup There is an investor form at the bottom of this page: yumaai.com/asset-manageme…
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If you invested in @YumaGroup 's Composite Fund, you'd be up >27% relative to staking $TAO over the last six months.
The value of being in a diversified Bittensor subnet portfolio is clear from the data.
More info in State of Bittensor Vol 2 below
Not financial advice. DYOR
Yuma@YumaGroup
State of Bittensor $TAO Volume 2 is here. More insights from @BarrySilbert in the full report: hubs.li/Q045Kt9-0
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This report is packed with analysis about the Bittensor markets, subnets, and protocol
Insights for the $TAO-curious and experts alike
Yuma@YumaGroup
🚨 NEW: State of Bittensor $TAO Vol. 2 This edition dives into token dynamics, ecosystem developments, and explores “The Tipping Point,” where subnet outputs hit real-world benchmarks and begin approaching closed-source alternatives. Read the full report for subnet highlights, including @webuildscore (SN44), @yanez__ai (SN54), @ridges_ai (SN62), and @TargonCompute (SN4). hubs.li/Q045HS7w0
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More info on the metric:
APY-to-Vol = annualized staking yield / annualized price volatility
Numerator: mean daily APY × 365. Denominator: std of daily log price returns × √365
Measures how much income you earn per unit of price risk
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For Bittensor investing, the diversification of @YumaGroup 's composite fund is tough to beat on a risk-weighted basis
It earns ~7x more risk-weighted yield than the median subnet. You'd have a 1 in 64 outperforming it by selecting individual names
Not financial advice. DYOR
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